may production data, page-59

We've doubled 1P reserves and there's a massive drilling campaign scheduled over the next few months. Market sentiment is an absolute come down and MAD management know we're watching the SP like a hawk. They, too, want to increase reserves in the sort term as their most recent ANN suggests. Plus the independent analysts currently value MAD at well over $3. Finding value and long term growth in this market is difficult. Therefore, at these levels, this opportunity can't be missed IMO.